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But most millionaires say there’s no magic to joining the club. What it takes is saving money
and controlling expenses, according to a PNC Bank survey of high-wealth individuals released this
morning.

Saving early and regularly was cited by 56 percent of millionaires as the action that most
influenced their financial success, according to the survey. Controlling expenses and making good
investment decisions were next at 38 percent, while making a lot of money was mentioned by 26
percent.

Just 12 percent said they received an inheritance and even fewer, 3 percent, said they married
into money, according to the survey.

“It’s just a combination of working hard, a disciplined savings program, watching expenses and
making sure to take advantage of all the opportunities from your employment retirement plan,” said
Sue Bottiggi, PNC’s wealth management executive for central Ohio.

She said many millionaires now are in their late 50s or early 60s, have saved all their lives
and have finished putting their children through college. Some are surprised at how much they’ve
accumulated, she said.

“‘Oh, my gosh, I’ve never thought about this,’” she said many say. “Many are pleasantly
surprised.”

Many millionaires have benefited from the outsized gains of the stock market the past five
years, Bottiggi said.

“The market has been very strong the past few years, and many people have been able to invest
wisely.”

Most members of the millionaires club, 76 percent, say they expected to be financially
successful when they were growing up, but 81 percent still express surprise at the scale of their
success, the survey said.

“Their parents encouraged them to do well, and they made use of a good education and ended up
pretty well off today,” Bottiggi said.

About half of the millionaires say whatever financial sense they have is largely self-taught,
but 77 percent say they now work with a professional to manage their money.

Now that they are millionaires, 51 percent say their focus is maintaining their capital compared
with 23 percent who say they still are accumulating money.

The top concern for most of the millionaires is having enough money to live on comfortably in
retirement.